• Write your monthly allowance (computed by daily allowance x number of days in a month). Compute the total. • Write the amount you spend on food, transportation, phone load, etc. (make it monthly to match their allowance). Compute the total. • Deduct the total amount you spend from the total amount of your allowance.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter6: Using Credit
Section: Chapter Questions
Problem 3FPE
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Please give a sample answer for this. Thank you
ACTIVITY 2
PART I- Preparing personal income statement:
Things needed:
• Pen
• 4 piece of paper (a note book sheet is ok)
• Calculator Instructions:
• Write your monthly allowance (computed by daily allowance x number of days in a month).
Compute the total.
• Write the amount you spend on food, transportation, phone load, etc. (make it monthly to
match their allowance). Compute the total.
• Deduct the total amount you spend from the total amount of your allowance.
• Associate allowance with revenue and spending with expense with the net amount as net
income.
Transcribed Image Text:ACTIVITY 2 PART I- Preparing personal income statement: Things needed: • Pen • 4 piece of paper (a note book sheet is ok) • Calculator Instructions: • Write your monthly allowance (computed by daily allowance x number of days in a month). Compute the total. • Write the amount you spend on food, transportation, phone load, etc. (make it monthly to match their allowance). Compute the total. • Deduct the total amount you spend from the total amount of your allowance. • Associate allowance with revenue and spending with expense with the net amount as net income.
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